Connect with us
Wednesday,06-May-2026
Breaking News

National News

ED attaches property worth Rs 110 crore in KSBL case

Published

on

The Enforcement Directorate (ED) on Saturday said that they have attached immovable and movable assets worth Rs 110 crore in the money laundering investigation against Karvy Stock Broking Ltd (KSBL), its Chairman Comandur Parthasarathy and others.

With the fresh attachments, the total now stands at Rs 2,095 crore.

In March, the ED had attached immovable and movable properties in the form of land, buildings and share holdings worth Rs 1,984 crore.

The probe agency initiated its investigation on the basis of FIRs filed by the CCS Police Station, Hyderabad Police, on the complaints of lending Banks who complained that the Karvy Group had availed large amounts of loans by illegally pledging their clients’ shares worth about Rs 2,800 crore and the said loans became NPA after the release of the client’s securities as per the orders of NSE and SEBI.

KSBL was one of the leading Stock Brokers in the country with millions of clients. The scam came to light after a limited purpose inspection of KSBL conducted by NSE in 2019 revealed that KSBL had not revealed a DP Account and credited the funds raised by pledging of client securities to six of its own bank accounts (“Stock Broker-own Account”) instead of the “Stock Broker-Client Account”.

The ED collected the audit conducted by NSE and the orders passed by SEBI and ROC against KSBL and the forensic audit reports of BDO India LLP.

In 2021, the ED conducted searches at nine locations. This year, Parathasarathy, and G. Hari Krishna, CFO, were arrested and were sent to judicial custody.

The agency said that the accused were evasive throughout the questioning.

According to ED investigation, KSBL had misused the Power of Attorney given by its clients and misused the same to illegally raise loans.

Shares of clients who did not owe any funds to KSBL had been transferred to the Pool Account of KSBL and were pledged with the banks by making misleading declaration of ownership.

“Share transfers were done from the client’s accounts for which the KSBL’s Sales Team claimed that they had taken clients’ approval for stock lending through phone or orally, but there were no supporting documentary evidence,” said an ED official.

Large amounts of proceeds of crime were ‘invested’ by the accused in the form of investments, short term advances, loans to group companies. This resulted in enhancement of the value of the subsidiary companies of KSBL.

“Now the accused were trying to sell these subsidiary businesses at a profit to yield indirect windfall gains to the main accused,” the ED said.

National News

TVK stakes claim to form government in TN; Vijay seeks time from Guv to prove majority

Published

on

Chennai, May 5: With the Tamilaga Vettri Kazhagam (TVK) emerging as the single-largest party in the Tamil Nadu Assembly elections, party President C. Joseph Vijay on Tuesday formally staked claim to form the government in the state.

He has written to Governor Rajendra Arlekar seeking an appointment and requesting an opportunity to prove his majority on the floor of the House.

In his communication sent to the Lok Bhavan (earlier Raj Bhavan), Vijay stated that the party, which has secured 108 seats in the 234-member Assembly, has received a clear mandate as the single-largest formation. He asserted that this position entitles TVK to be invited to form the next government in the state.

“We are the single largest party with 108 legislators and have the right to form the government. We request an opportunity to demonstrate our majority,” Vijay said in his message.

He also sought additional time to mobilise support and indicated that he would be able to prove his majority within 15 days.

The majority mark in the Tamil Nadu Assembly stands at 118, leaving TVK 10 seats short of a clear majority. This has triggered intense political activity, with the party expected to seek support from smaller parties and Independents in the coming days.

Sources in the Raj Bhavan indicated that the Governor is likely to invite Vijay to form the government shortly. Officials suggested that he may be granted a window ranging between seven and 15 days to prove his majority on the Assembly floor, a standard constitutional practice in cases where no party has secured an outright mandate.

Meanwhile, internal preparations within the party are underway. Vijay is set to be formally elected as the Legislature Party leader at a meeting of newly-elected TVK MLAs scheduled to be held at the party headquarters in Panaiyur later in the day.

This step is expected to complete the procedural requirements before government formation. The developments mark a significant moment in Tamil Nadu politics, with TVK’s rapid rise disrupting the state’s traditional political landscape and setting the stage for high-stakes negotiations in the days ahead.

Continue Reading

National News

Agnimitra Paul among six early BJP winners in Bengal as party leads in 192 seats

Published

on

Kolkata, May 4: BJP leader Agnimitra Paul won from the Asansol Dakshin Assembly constituency, the Election Commission of India (ECI) announced on Monday, as the counting for other seats in West Bengal is underway, with the BJP maintaining a significant lead over the ruling Trinamool Congress.

Agnimitra Paul got 1,19,582 votes and defeated Trinamool Congress’ Tapas Banerjee with a margin of over 40,800.

Apart from Agnimitra Paul, Darjeeling candidate Noman Rai, Kalimpong candidate Bharat Kumar Chetri, Medinipur candidate Sankar Kumar Guchhait, Monteswar’s Saikat Panja, and Bhatar’s Karfa Soumen were among the early winners from the BJP.

Meanwhile, after winning six seats, the BJP was leading in 192 seats, while the Trinamool Congress was ahead in 88. Trinamool’s Reyat Hossain Sarkar won in the Bhagawangola Assembly seat, according to the ECI trends as of 4:30 p.m.

Meanwhile, just weeks after Prime Minister Narendra Modi brought the Bengali snack ‘jhalmuri’ into the national spotlight, the BJP is now using the same as a symbol of celebration, as early trends in the Assembly elections show the party surging ahead.

‘Jhalmuri’ had emerged as an unlikely highlight during the final phase of campaigning after PM Modi’s widely shared roadside stop in Jhargram, where he was seen enjoying the snack. The moment quickly went viral, drawing political reactions, including criticism from Chief Minister Mamata Banerjee, who termed it a staged act by the BJP.

The snack, whose name derives from the Bengali word “jhal”, meaning spicy or hot, soon became a metaphor in the campaign, symbolising both the intensity of the political contest and regional identity. Later, during an election rally, PM Modi himself had added a political twist, remarking, “I ate jhalmuri, but TMC felt the jhal (spice).”

With the party holding a strong edge, leaders and workers embraced the ‘jhal’ symbolism, celebrating with the snack across different parts of the country.

Continue Reading

National News

West Bengal Elections 2026: TMC Loses Ground In Muslim-Dominated Seats As BJP Gains Momentum

Published

on

Kolkata: Early counting trends in the 2026 West Bengal Assembly elections suggest that the Trinamool Congress is no longer holding the same level of dominance in Muslim-majority constituencies as it did in previous elections. Of the 293 seats, as many as 43 constituencies with more than 50 percent Muslim population are reflecting a changed electoral mood.

According to initial figures, the TMC and its allies are leading in 30 of these seats, a drop of 12 compared to earlier performance. The Bharatiya Janata Party is ahead in nine such constituencies, while other parties account for four seats, marking a marginal rise.

The current trend marks a sharp departure from the 2021 Assembly elections, when the TMC swept 43 out of 44 Muslim-dominated seats with a vote share of nearly 58 percent. The BJP had failed to win any of these constituencies then, despite securing over 21 percent of the vote share. The Left and other parties had remained limited in influence.

The ongoing trends now suggest a fragmentation of votes in these constituencies, indicating that earlier consolidated support may be witnessing internal shifts.

Reacting to the early trends, West Bengal Leader of the Opposition Suvendu Adhikari said there has been consolidation among Hindu voters, while Muslim votes appear more divided this time. He claimed that the BJP has also made inroads in certain booths where it had previously struggled.

Adhikari further stated that after initial rounds of counting, the BJP was gaining momentum in several constituencies. He expressed confidence in the party forming the government, crediting the leadership of Prime Minister Narendra Modi.

Speaking about Bhabanipur, Adhikari said that early rounds showed a deficit in areas with higher minority populations, but later rounds shifted in his favour. He also claimed that Chief Minister Mamata Banerjee was trailing, though official confirmation is awaited.

With counting still underway, political observers urge caution. However, the early trends underline a significant shift in West Bengal’s electoral landscape, where voter behaviour appears more varied than in previous elections.

Continue Reading
Advertisement
Advertisement

Trending